Reference no: EM13506672
Question Presented below is the relevant information for Preeti Inc., for the year 2012:
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Cash
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$200,000
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Accounts receivable (net)
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60,000
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Inventories (at average cost)
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45,000
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Available for sale securities, at fair value (long term)
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26,000
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Equipment (net)
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129,000
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Land held for speculation
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59,000
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Cash surrender value of life insurance
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10,000
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Patents
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11,000
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Notes and accounts payable
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85,000
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Long term liabilities
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165,000
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Stockholders' equity
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290,000
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The following additional information is provided:
• Cash includes $50,000 designated for plant expansion in 2015.
• The netaccounts- receivable is comprised of accounts receivable $68,000, and allowance for doubtful accounts $8,000.
• Equipment had a cost of $160,000 and accumulated depreciation of $31,000.
• Note and accounts payable include: Accounts payable $26,000; Taxes payable $21,000; and Note payable $38,000 due 6/15/2013.
• Long term liabilities are 10 year bonds, paying interest at 10%, maturing 6/30/2020, and comprised of: Bonds payable $190,000; Discount on bonds payable $25,000.
• Stockholder's equity is comprised of: Common stock ($1 par) 100, 000 shares authorized, 50,000 shares issued and outstanding at $2.10; and Retained earnings of $185,000.
Instructions: Present the items above in proper format to prepare a balance sheet. Use the answer sheet provided.
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: Present the items above in proper format to prepare a balance sheet. Use the answer sheet provided.
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